Alphabet Shares Slide 13%, Erasing Nearly $490 Billion in Market Value

Alphabet shares fell as much as 13% during early U.S. trading Thursday, erasing nearly $490 billion from the market value of Google’s parent in a sharp move for a major U.S. technology stock. The decline reached that level as trading began on U.S. markets. The estimated loss exceeded the $421 billion increase in Alphabet’s market value recorded during one session on May 1. The comparison puts Thursday’s decline above an earlier one-day gain in the same measure. Market capitalization—the total market value of a company’s publicly traded shares—measures how investors value its equity at a given time.

Source: TokenPost